Income Tax Return Filing Services
Are you tired of the hassle of filing your income tax returns? Let us take care of it for you! We are a team of experienced tax professionals dedicated to providing top-quality income tax return filing services in Pakistan. Our services are designed to help you save time and money while ensuring that your tax returns are filed accurately and on time.
who should become a filer in pakistan?
According to Section 181 of Income Tax Ordinance 2001, the following persons are required to file an income tax return:
- Every company
- Every individual, including a salaried individual, whose taxable income for the year is above the minimum taxable threshold limit as specified in the Finance Act of the relevant year.
- Every association of persons (AOP), the body of individuals (BOI), or any other person, whether incorporated or not, whose taxable income for the year is above the minimum taxable threshold limit as specified in the Finance Act of the relevant year.
- Every person who is a registered taxpayer under the sales tax or federal excise tax laws, regardless of their taxable income.
- Every person who has received income on which tax has been withheld under sections 149, 150, 151, 152, 153, or 154 of the Income Tax Ordinance 2001.
- Every person who has received income from a property, including rental income or income from the property transferred on a lease, regardless of their taxable income.
- Every person who has earned income from capital gains, whether taxable or not.
- Every non-resident person who has earned income from a source in Pakistan.
It is important to note that if a person falls under any of the above categories, they are required to file an income tax return, even if their income is not taxable due to deductions or exemptions. Additionally, it is the responsibility of the taxpayer to file their income tax return within the prescribed deadline
What is Income Tax Return?
An income tax return is a form or document that an individual, a company or other entity files with the tax authorities to report their income and calculate their tax liability, if any. In simple terms, it is a summary of an individual’s or entity’s income, expenses, deductions, and tax payments for a specific tax year. Income tax returns are filed annually, and the deadline for filing varies depending on the jurisdiction and the type of taxpayer.
income tax return filing date
benefits of becoming filer in pakistan
There are several benefits of becoming a filer under the Income Tax Ordinance 2001 in Pakistan, which include:
- Tax Credits:
Filing income tax returns on time allows filers to claim tax credits for certain expenses such as donations to charitable organizations, medical expenses, education expenses, and other deductions. - Lower Withholding Tax Rates:
Filing of income tax returns allows individuals to get a reduction in withholding tax rates on certain types of income, such as tax on cash withdrawals, sales and purchase of properties, dividend income, and profits on debt. - Avoiding Penalties:
Failure to file tax returns or filing late can result in hefty penalties and fines. Being a filer can help avoid such penalties and legal consequences. - Increased Credibility:
Being a tax filer can help individuals and businesses increase their credibility with financial institutions and other stakeholders. - Visa and Loan Processing:
Tax returns are often required for visa processing, loan applications, and other financial matters. Being a filer can simplify and expedite such processes. - Compliance with Law:
Filing income tax returns is a legal requirement in Pakistan for individuals and businesses meeting certain income thresholds. Becoming a filer ensures compliance with the law.
How to Become Filer in Pakistan?
Documents required for Income Tax return Filing
To File an Income Tax Return, following documents are required.
Why Choose Macrame Cosultantants?
At Macrame Consultants we pride ourselves on providing our clients with comprehensive income tax return filing services that are tailored to their specific needs.
Here are some of the reasons why you should choose us:
- Expertise:
Our team of tax professionals has over 10 years of experience in filing income tax returns in Pakistan. We keep up-to-date with the latest tax laws and regulations, ensuring that your returns are filed accurately and in compliance with the law. - Convenience:
We understand your time is valuable, so we offer hassle-free, online tax return filing services. You can submit your tax information online from the comfort of your home or office, and we’ll take care of the rest. - Personalized Service:
We work closely with our clients to understand their unique tax needs and concerns. Our personalized service ensures you receive the best possible outcome for your tax returns. - Affordable Pricing:
Our income tax return filing services are competitively priced without compromising on quality. We believe that everyone should have access to expert tax services without breaking the bank.
Get a Free Consultation!
We would love to hear from you and help you with your Income Tax Return!
For any kind of quiries, Please call
+92 0516102627
+92 3022522555
+92 3033933999
Office: 302 Building: 123
Civic Center Bahria Town
Rawalpindi, Pakistan.
info@macrameconsultants.com